Japanese restaurant first in the world to accept cryptocurrency

Belgian beer store allows customers to order food and drinks with XEM
28 February 2018   3357

NEM's native token XEM got an interesting use case. Tokyo-based Belgian beer and traditional food store St. Arnould accepts XEM is a legitimate payment. The owner of the store runs the business for 8 years already, and the last 2 of them - dealing with the cryptocurrency. It all started with an occasional customer who offered to pay with XEM. The owner, Mr. Yousuke Sato got curious and allowed the transaction.

I became interested in virtual currencies about five years ago and began tweeting about them. I thought it would be interesting to accept payment in a virtual currency, so I said yes.


Yousuke Sato

Restaurant owner

Since then, the restaurant has gained an enormous popularity among virtual currency adepts and was largely accepted as the first such restaurant in the world. Even though recent hack of CoinCheck has severely damaged the reputation of NEM, it didn't affect the popularity of the restaurant in the slightest.

The market for virtual currency is still young so it’s only natural that it has become a target of speculation, but I think it has potential as a currency that is not restricted by country. I think it’s too early to say what will happen to virtual currencies in the future.


Yousuke Sato

Restaurant owner

Japan has already become a trending place for the virtual currencies as means of payment. In Tokyo alone there are an electronic retail franchise Yamada Denki, BBQ restaurant Nikugatou, sushi restaurant Numazuko. In Nagoya there is a hair salon Hair Grande Seeek.

NEM Foundation to be Almost Bankrupt

Newly elected president believes 160 000 000 XEM could fix the situation
31 January 2019   1267

The NEM Foundation, a community-sponsored nonprofit organization to promote the blockchain of NEM is planning a massive downsizing of its staff, which currently has 150 people. This is reported by CoinDesk.

It is assumed that these steps are associated with a significant reduction in the budget and the forthcoming restructuring of the organization based in Singapore.

Thus, the newly elected president of the NEM Foundation, Alex Tinsmen, announced plans to send a request to the NEM public fund for the allocation of 160 million XEM tokens (about $ 7.5 million), which should help save the organization from bankruptcy.

Basically we realized we had a month to operate, due to the mismanagement of the previous governance council.

Alex Tinsman

President, NEM Foundation

After the request for the allocation of the specified amount is made officially, all 202 members of the fund will be invited to vote for it. The scale of the cuts will depend on the amount of funding approved, Tinsman added.

According to her, the NEM Foundation spent about 80 million XEM from December 2017 to January 2019 primarily on marketing.

We’ve reduced marketing activities because it doesn’t make sense to market a product [Catapult] that isn’t out yet.

Alex Tinsman

President, NEM Foundation

In particular, Alex Tinman refers to the blockchain engine Catapult. Its full-featured release was announced back in May last year.

NEM developers and users who wish to remain anonymous also state that the organization’s previous president, Lon Wong, used his position to promote questionable ICOs. As a result of these actions, he allegedly undermined community confidence.

According to Tinsman, a very strict budget policy will be respected under the roadmap for 2019. It is assumed that each team will be allocated a limited budget, there will also be requirements for public disclosure of documentation describing the tools they develop for the NEM ecosystem.

It is also planned to monetize the activities of the NEM Foundation by educating corporate users and affiliate marketing. This is expected to help reduce the organization’s dependence on community funding.